Ripple and Litecoin have a lot of things in common. Both coins are aimed at improving Bitcoin’s functionality.
However, despite some similarities, there are a lot of key differences between them. This article will explore the key differences between Ripple and Litecoin.
What is Ripple?
Ripple was founded in 2012 by Ripple Labs Inc, a technological firm located in the United States. It was founded to ease international cryptocurrency transfers. Ripple is a blockchain-based technology that can help streamline digital payment systems globally. It functions as a cryptocurrency to exchange value, XRP. The ticker symbol is XRP. The platform’s primary goal was to lower the time and transaction fees associated with international payments.
What is Litecoin?
Litecoin is a fork of Bitcoin. Founded in 2011, the platform has very similar features to Bitcoin. It is also a platform for global payment, which is decentralized. The primary difference from Bitcoin is that it uses Scrypt as its proof-of-work scheme, allowing faster block generation. The supply of Litecoin will always be limited to 84 million in circulation. It somewhat drives the price of the cryptocurrency further. But as competition has increased in the market over the years, even though Litecoin was stated as a direct rival of Bitcoin, the coin’s popularity has waned over time.
Difference between Litecoin and Ripple
Both the coins were introduced at almost similar times, and so was a matter of discussion if they both would become competitors. But despite the differences, they are perfect pairs to always keep on the exchange radar. It is due to the high volatility in prices and market sensitivity. More information about the exchange can be found at tct lto. But for now, you can learn about the primary differences that differentiate the two listed below.
- Ripple is used for international transactions. On the other hand, Litecoin can be used for more day-to-day and peer-to-peer transactions.
- Ripple’s maintenance is much lower than Litecoin since Ripple is used only for international transactions. Litecoin, on the other hand, has slightly higher maintenance since it has many functionalities that include business transactions, peer-to-peer transactions, offshore business processes, etc.
- Ripple has a very low transaction time, only 4 seconds. Litecoin takes 2.5 minutes to complete a single transaction.
- Litecoin uses Scrypt as the hashing algorithm. Omit Ripple uses the Ripple Protocol Consensus Algorithm (RPCA).
- The transactions of Ripple can only be conducted using its currency. Litecoin transactions can be conducted using mining on simple algorithms.
- Despite the fact that both Ripple and Litecoin started to simplify international payments over time. Both began with distinct business objectives. Ripple’s aim to make cross-border transactions easier. It attracted several multinational corporations and banking institutions for transactions. Ripple shifted its focus to a broader organisational audience. At the same time, Litecoin held true to its goal of making everyday transactions easier and simpler. It is still focused on individual’s transactions.
Conclusion
Ripple is currently in the eighth position, while Litecoin is 23rd. Even though Ripple may currently be ahead in the game, it has limited growth since it is only a transaction platform. Litecoin has further opportunities since it provides multiple facilities and a varied audience. Time will soon help determine which coin has more of a competitive edge. Due to the recent market correction, it is also an excellent time to trade between the coins using reliable exchange Alligat0r crypto exchange aggregator to get the best prices and the most gains.